If you’ve ever purchased a new car and bought it at its full price tag then you’ll know it’s not so cheap. You’d, therefore, think if you wanted to sell it on after three years on so that you’d be able to make most of that money back (if it’s been well looked after obviously). Well, you can think again as that couldn’t be any further from the truth. The reality of the situation is that your car decreased in price as soon as you purchased it, this is all thanks to what is called price depreciation.
So, what is price depreciation exactly? It’s the difference in the amount of money your purchased your car and the amount your car is worth when you decide to sell it on. The sad truth is that cars can lose around 50% of their original value within the first three years. There are certain factors that will contribute to the value of your car, for example, make, model, mileage and age. Despite this unwelcome truth, there are three things you can do to ensure that your car is sold for the highest possible price. These things include finding the right buyer, taking good care of the vehicle and keep a full service history of the work that has been done on your car. At Busby Stoop, we’ll run through some of the ways that you can maintain your car’s value.
Keeping a service history of your car is evidence that you’ve taken good care of your car. In addition to this, if you’re the first owner of your car you can start the service history by following a few simple steps. Cars without a full-service history can decrease in value by up to 20% when they get sold on so you can see why it’s important. The first thing you should do is ensure that you’re getting your car serviced annually. After each service, you should keep a record of it in your car’s service book. You can do this by getting a mechanic from the garage to stamp your car’s service book. We also recommend that you keep a copy of the garage invoice after each service to keep a record of what work has been done on the vehicle. If you don’t keep a full record of all the work done on your car it will be considered a ‘partial’ service history – which can mean that you can lose money when you try to sell your car on.
Looking after your car’s appearance is relatively important, particularly if you want to sell it. (And yes, this means clearing all the rubbish up from the floor of your passenger seat!) Keeping your car tidy on the inside and outside gives potential buyers the impression that the car has been well looked after. Small ways to keep your car tidy are to take your car through the car wash and hoover the insides every few months.
No ‘ideal buyer’ looks the same as they all want different things on different budgets. There is someone who wants the car you have, for the price you’re selling it for – you just have to be patient while they find you. One way to do this is to maximise your car’s advertisements. You could put an advert in your car window (you never know who you’ll drive past), you can advertise your car on advert sharing websites or even post in across social media pages. Doing all of these things will increase your chances of selling your car quickly – however, be mindful of the places you post your car adverts. Only advertise with reputable websites and well-known brands.
The best way to make sure that your car keeps its value is to keep regular care of your car. Maintaining the most vital parts and keeping up to date with servicing and MOTs ensures your car stays longer on the roads, even if you don’t intend to sell. Book servicing, repairs and MOTs online with Busby Stoop Garage, 24-hours a day.
If you would like to book a service with us today, be sure to use our quick and easy online booking tool!